- Indonesia aims to roll out Digital Rupiah by 2030, focusing on wholesale usage.
- Bank Indonesia leads this national initiative under Perry Warjiyo’s guidance.
- Potential regulatory changes and public infrastructure adaptations are anticipated.
Indonesia’s central bank, Bank Indonesia, plans a phased launch of the Digital Rupiah by 2030, focusing initially on wholesale CBDC under the ‘Proyek Garuda.’
The initiative could reshape Indonesia’s payment systems, affecting national and regional financial markets, and aligns with global digital currency trends.
Bank Indonesia has announced a phased rollout for the Digital Rupiah, set to complete by 2030. The initiative, called Proyek Garuda, emphasizes a systematic transition in Indonesia’s payment systems.
Wholesale Usage Focus
The phased release will initially target wholesale usage of the Digital Rupiah. Governor Perry Warjiyo has highlighted the project, underscoring Indonesia’s digital financial transformation efforts. As he stated,
“This achievement is a manifestation of Bank Indonesia’s commitment to the development of the Rupiah Digital in response to the rapid growth of the digital financial economy and in its position as the sole authority in issuing legal currency in the Republic of Indonesia.”
Impact on Financial Sectors
The introduction of the Digital Rupiah could significantly impact financial sectors and payment infrastructures. Industries involved in traditional transactions might experience shifts as new technologies are implemented.
Technological Platforms to Be Used
The phase focuses on using platforms like Corda and Hyperledger Besu. Regulatory emissions are expected, as detailed in Indonesia’s 2030 National Payment System Blueprint.
Effect on Cryptocurrencies and Fintechs
No direct effect on public cryptocurrencies like ETH or BTC is noted. However, potential impacts on fintechs and infrastructure sectors might emerge as the project progresses.
Global Historical Trends
Historical trends from China, Sweden, and Bahamas indicate potential adaptations and acceptance challenges. The introduction could redefine payment regulatory structure within Indonesia.
